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EXhibit 99.1 First Quarter 2005 Results
FOR IMMEDIATE RELEASE FOR MORE INFORMATION:
April 21, 2005 Bill D. Wright
Chief Financial Officer
(270) 393-0700
CITIZENS FIRST CORPORATION ANNOUNCES FIRST QUARTER 2005 RESULTS
BOWLING GREEN, KY - Citizens First Corporation (OTC Bulletin Board: CZFC) today
reported its results of operations for the quarter ended March 31, 2005. Mary D.
Cohron, President and CEO, reported that the Company's net income on a
consolidated basis for the first quarter of 2005 was $451,216, or $0.38 and
$0.33 per basic and diluted common share, respectively, compared to net income
of $145,608 or $0.17 per basic and diluted common share for the first quarter of
2004. "Citizens First's net income of $451,216 for the first quarter of 2005 is
another record for the Company," said Cohron. "Compared to the first quarter of
2004, net income for the first quarter of 2005 increased by $305,608 or 209.9%,
and compared to the fourth quarter 2004 total of $408,944, net income increased
by $42,272 or 10.3%." Cohron attributes providing exceptional experience and
expertise in commercial lending, focusing on asset quality, controlling expenses
and providing high quality customer service for the Company's strong financial
performance. Citizens First is uniquely positioning itself to be the preeminent
commercial lender in a thriving southern Kentucky economy.
Net interest income for the quarter ended March 31, 2005 was $1,746,711, versus
$1,378,557 for the same quarter of 2004, an increase of $368,154 or 26.7%.
Non-interest income was $331,896 during the first quarter of 2005, compared to
$268,724 in the same quarter of 2004, an increase of $63,172 or 23.5%. Included
in non-interest income for the first quarter of 2005 is income from the sale of
secondary market loans of $82,782, compared to $63,571 in the first quarter of
2004, an increase of $19,211, or 30.2%. Non-interest expense was $1,359,891 for
the first quarter of 2005, versus $1,360,873 for the same period of 2004, a
decrease of $982.
Asset quality continued to improve during the first quarter of 2005. Past due
loans at March 31, 2005, were equal to 0.80% of total loans, compared to 2.01%
of total loans at March 31, 2004, an improvement of 1.21%. Non-performing assets
at the end of the first quarter of 2005 totaled $673,052, compared to $903,125
at the end of the first quarter of 2004, a decrease of $230,073, or 25.5%. "At
Citizens First our first priority is asset quality," said Cohron.
Total assets at March 31, 2005 were $172,098,548, up $7,783,519 or 4.7%, from
$164,315,029 at March 31, 2004. Loans increased $7,145,205, or 5.1%, from
$141,196,440 at March 31, 2004 to $148,341,645 at March 31, 2005. Stockholders'
equity of $18,465,902 equaled 10.7% of total assets as of March 31, 2005.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based upon the
Company's current expectations, but are subject to certain risks and
uncertainties that may cause actual results to differ materially. Among the
risks and uncertainties that could cause actual results to differ materially are
economic conditions generally and in the market areas of the Company, overall
loan demand, increased competition in the financial services industry which
could negatively impact the Company's ability to increase total earning assets,
and retention of key personnel. Actions by the Federal Reserve Board and changes
in interest rates, loan prepayments by, and the financial health of, the
Company's borrowers, and other factors described in the reports filed by the
Company with the Securities and Exchange Commission could also impact current
expectations.
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CITIZENS FIRST CORPORATION
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATION
(UNAUDITED)
Financial Highlights
Quarter Quarter
Ended Ended
3/31/2005 3/31/2004
Interest Income ............................ $ 2,412,771 $ 2,062,331
Interest Expense ........................... 666,060 683,774
----------- ------------
Net Interest Income ........................ 1,746,711 1,378,557
Provision for Loan Losses .................. 35,000 75,000
----------- ------------
Net Interest Income after Provision ........ 1,711,711 1,303,557
Non-Interest Income ........................ 331,896 268,724
Non-Interest Expenses ...................... 1,359,891 1,360,873
----------- ------------
Income before Taxes ........................ 683,716 211,408
Income Tax Provision ....................... 232,500 65,800
----------- ------------
Net Income ................................. $ 451,216 $ 145,608
Preferred Dividends ........................ (128,187) 0
----------- ------------
Net Income Available for Common Shareholders $ 323,029 $ 145,608
=========== ============
Basic Net Income Per Common Share .......... $ 0.38 $ 0.17
Diluted Net Income Per Common Share ........ $ 0.33 $ 0.17
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) As of As of
3/31/2005 3/31/2004
(in 000's) (in 000's)
ASSETS
Cash and cash equivalents ................ $ 3,890 $ 4,184
Federal funds sold ....................... 866 0
Investment securities .................... 12,399 13,692
FHLB stock ............................... 589 518
Mortgage loans held for sale ............. 1,142 583
Loans .................................... 148,342 141,196
Allowance for loan losses ................ (1,767) (1,972)
Other assets ............................. 6,638 6,114
--------- ---------
Total Assets ........................ $ 172,099 $ 164,315
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LIABILITIES
Demand deposits, savings,
NOW and money market accounts .......... $ 65,352 $ 66,417
Time deposits ............................ 69,976 63,889
--------- ---------
TOTAL DEPOSITS ....................... 135,328 130,306
FHLB borrowings .......................... 13,000 13,000
Federal funds purchased and Securities
sold under agreements to repurchase ..... 4,299 7,336
Other borrowings ......................... 0 3,000
Other Liabilities ........................ 1,006 708
--------- ---------
Total Liabilities .................... 153,633 154,350
Stockholders' Equity ................. 18,466 9,965
--------- ---------
Total Liabilities and Stockholders' Equity $ 172,099 $ 164,315
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